SoundHound AI (NASDAQ:SOUN) Reaches New 52-Week High – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price reached a new 52-week high during trading on Thursday . The company traded as high as $24.08 and last traded at $20.84, with a volume of 156047484 shares traded. The stock had previously closed at $19.39.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SOUN. HC Wainwright upped their price objective on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush boosted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Finally, DA Davidson restated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $9.50.

SoundHound AI Price Performance

The company has a market capitalization of $8.04 billion, a P/E ratio of -60.42 and a beta of 3.03. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The business has a 50 day simple moving average of $9.01 and a 200-day simple moving average of $6.21.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company’s revenue for the quarter was up 88.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.09) EPS. Analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity

In other news, COO Michael Zagorsek sold 138,906 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $17.63, for a total transaction of $2,448,912.78. Following the transaction, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at approximately $25,974,666.86. This trade represents a 8.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 465,394 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at $34,579,185.92. The trade was a 16.83 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,321,786 shares of company stock valued at $35,065,286. Insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kings Path Partners LLC bought a new position in SoundHound AI during the 2nd quarter valued at $28,000. International Assets Investment Management LLC acquired a new stake in shares of SoundHound AI in the second quarter valued at $31,000. NBC Securities Inc. lifted its holdings in shares of SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after buying an additional 3,818 shares during the period. Amalgamated Bank boosted its stake in SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after buying an additional 5,099 shares in the last quarter. Finally, Signaturefd LLC grew its holdings in SoundHound AI by 27.3% during the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after acquiring an additional 2,200 shares during the period. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Company Profile

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.